Criteria |
NON-PRIME ≤ 80% |
NON-PRIME >80% |
NonQM Profile Category |
Fresh Start; Low Score; Non Warrantable Condo |
Fresh Start; High LTV; Non Warrantable Condo |
Documentation |
Full |
Full |
Maximum Loan Amount |
1MM |
750K |
Loan Term/Mortgage Rate Type |
30 yr fixed or 5/1 ARM |
30 yr fixed or 5/1 ARM |
Interest Only |
N/A |
N/A |
Bankruptcy Seasoning |
N/A |
N/A |
DTI |
40/50% Investment properties 50% |
40/50% |
Credit Score (min) |
500 |
600 |
Foreclosure, Short Sale, Deed-in-Lieu |
No Seasonong |
12 Months |
Occupancy |
Owner-Occupied, Second Home or Investmnet Property |
Owner-Occupied |
Min. Reserves |
3 months, 6-12 months under certain circumstances |
3 months, 6-12 months under certain circumstances |
Residual Income (min) |
$1,500 |
$1,500 |
Max Payment Shock |
350% |
350% |
Mortgage (or rent) Payment History |
120’s allowed in past 12 months 0x30 FTHB |
Max 1 x 30 x 12 |
Rent Free |
Eligible |
Eligible |
Max LTV |
80% |
90% |
Gift Funds |
Allowed |
Allowed |
Max Cash in Hand |
$500K |
N/A |
Non Warrantable Condos |
Available |
Available |
Marketing |
75% LTV for credit scores down to 500 80% LTV for credits scores at 540 |
Debt Consolidation up to 90% LTV |
Operational |
Visit our website at www.angeloakms.com for rates (QuickQuote) or to get a Prequal for your borrower (Prequal Request) |
Visit our website at www.angeloakms.com for rates (QuickQuote) or to get a Prequal for your borrower (Prequal Request) |